Cleco Corp. (1.7%) (CNL – $52.21 – NYSE)(CNL, Financial), headquartered in Pineville, Louisiana, is a utility holding company. On October 20, 2014, the company agreed to be acquired by an investor group led by Macquarie Infrastructure and Real Assets and British Columbia Investment Management Corporation. Cleco shareholders will receive $55.37 per share in cash, or $2.7 billion. The transaction is subject to regulatory and shareholder approvals and is expected to close in the first quarter of 2016.
From Mario Gabelli (Trades, Portfolio)'s ABC Fund Merger and Arbitrage shareholder letter for the fourth quarter 2015.
